Home prices in Chicago fell to their lowest level in November since local prices peaked in September 2006, according to a widely watched index.

In the Chicago area, prices were just slightly lower than where they were in March 2010, and that was in line with prices in the spring of 2002, according to the S&P/Case-Shiller Home Price Index. Prices fell 2.2 percent in November from October, and were down 7.6 percent from November 2009.

Nationally, home prices fell from their October levels in 19 of the 20 cities studied and for most cities on a year-over-year basis as well. That would mean that as of November, there have been six months of decelerating home prices nationally.

So where are prices actually rising? Look to the West Coast and the nation’s capital. Only four cities – Los Angeles, San Diego, San Francisco and Washington, D.C., showed year-over-year gains in November.

“With these numbers more analysts will be calling for a double-dip in home prices,” said David Blitzer, chairman of S&P’s index committee.

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One comment:

Single family home prices have fallen 7.6% in the last year and a whopping 29.1% from the bubble peak. And there are probably more price declines coming. I can see another 6% decline in the works as the month over month declines are showing no signs of slowing down and this recent index release is still looking back as far as September. For more details and a look at the long term trends in Chicago housing prices you can look at the first graph here: http://blog.lucidrealty.com/chicago_real_estate_statistics/